Falling home prices are attracting savvy buyers to the Myrtle Beach real estate market. In June, home sales prices decreased further (down 11.1%)… but averaged fewer days on market (DOM) (down 10% to 222 days) – primarily because of bargain hunters. Lower priced homes (under $350,000) are benefiting the most.

It’s a buyer’s market.

Sellers are slowly coming to terms with the realities of a buyer’s market. If they want to sell their property, they have to offer buyers a bargain. That often means lowering prices to pre-boom levels, near or below the seller’s original purchase price. And that’s just what buyers are looking for.

What does the future hold?

S.C. Realtors® expect further decreases in home sales and prices over the next six months according to July’s S.C. Market Confidence Report. Issues of concern are foreclosures, taxes, negative media coverage, and the election.

How can I find the bargains?

Order my Special Report – How to Maximize Your Investment in a Buyer’s Market (and Avoid the Mistakes that Cost Home Buyers Thousands of Dollars). Order online on my website’s Free Reports page, or call me, toll-free, at 1-888-494-8654, Ext 212 and follow the recorded directions.

Take a look at my Best Buys page when you visit my website – www.BarbaraChartier.com.

Barbara Chartier

Data Source: Jessica Foster at myrtlebeachonline.com.

Selling a home in any market can be a challenge. In a buyer’s market, selling a home requires considerable marketing skill and experience. This Monday morning series draws on proven experience to provide sellers with the essentials – Answers to the Ten Most Common Questions Home Sellers Ask.

Question #5 – “Can I save money by selling my home myself?”

FINDING YOUR BUYERS - Initially the idea of not having to pay a commission to an agent may be tempting to some sellers. However, any erstwhile do-it-yourself-ers should also be aware of exactly what’s involved in selling a home and make sure they have what it takes to follow through with every step. The vast majority of home owners in Myrtle Beach choose to let a professional real estate agent handle all the legwork and paperwork for them — as well as any potential problems that may arise in even the seemingly simplest of transactions.

Since Myrtle Beach is primarily a vacation / second home market, less than 20% of the property is owner occupied. Most property owners live out of town. Likewise, most potential buyers also live out of town and rely on the internet to search for property. By listing with a Realtor®, home owners have access to the Multiple Listing Service, the marketing tool that accounts for over 95% of home sales in Myrtle Beach.

Even if sellers choose to go it alone, they should still talk with a Realtor® they know and trust. Many real estate professionals will still offer to help with paperwork and marketing for home owners handling their own sales. This way, if something unexpected does happen, the seller has already built a relationship with a professional who is ready to help.

Next Week – “Does choosing the right agent really make a difference?”

All ten answers to these common questions are available on request. Just call my 24/7 hotline, toll-free, at 1-888-494-8654, Ext 225 and follow the recorded directions. I’ll get them in the mail to you within 48 hours.

For all the current listings in Myrtle Beach – updated daily – check out the MLS Search page on my website. Enter your search criteria and… voila!

Myrtle Beach is a buyer’s market right now… and it’s a tough environment for sellers. The real estate market is out of balance, i.e. the number of properties for sale far outweigh the number of actual buyers. Many properties languish on the market for months.

Today’s Q & A in this series – Answers to the Ten Most Common Questions Home Sellers Ask – speaks directly to this issue.

Question #4 – “How long will it take for my Myrtle Beach home to sell?”

Local real estate boards keep track of the average length of time properties stay on the market in the area. In Myrtle Beach, for property actually sold over the last 30 days, the average number of Days On Market (DOM) was 182 for sold homes and 286 for sold condos. Many of the unsold properties have been on the market far longer.

Why is it taking so long to sell property in Myrtle Beach? The primary reason is overpricing - sellers are having a hard time coming to terms with sales prices in a declining market. They price their property above the current market and discover too late that buyers aren’t interested. There are too many other choices. And when sellers do lower their prices, they lower them too little, too late.

Prospective sellers should pay close attention to the time frames established in their listing agreement before they sign with an agent. In a declining market, time is money, i.e. the longer the DOM, the lower the sales price. A key question for sellers to consider is: “What will happen if my home doesn’t sell within the prescribed time?”

Next Week: “Can I save money by selling my home myself?”

All ten answers to these common questions are available on request. Just call my 24/7 hotline, toll-free, at 1-888-494-8654, Ext 225 and follow the recorded directions. I’ll get them in the mail to you within 48 hours.

For all the current listings on the Grand Strand – updated daily – check out the MLS Search page on my website.

Summary: Condos sales are down 34%; prices are down 20%. Home sales are down 27%; prices are down 7%. Buyers are finding great deals.

The downtrend in the Myrtle Beach real estate market has continued in 2008 according to MLS data. Condos sales are down 34%, while prices are down 20%. Home are sales down 27%, while prices are down 7% year over year, January through June.

The condo market has been hit the hardest because of the dramatic run-up during the 2004 – 2005 boom. Single family homes prices didn’t gain as much and haven’t gone down as much over the same period of time.

What will it take to turn the market around?

Lower prices, the mortgage market, and buyer confidence are the keys to a turnaround. At some point lower prices will attract new buyers. But they will have to be able to get loans. With the mortgage market so tight right now, “cash is king,” unless you have very good credit. The politics of the presidential election is also creating uncertainty.

How long will it take to turn the market around?

No one knows for sure… a lot depends on the economy and the outcome of the elections. Analysts predict anywhere from 2009 to 2010. It still gets down to supply and demand. When supply and demand begin to balance out, the real estate market will improve. Right now, buyers have the advantage and sellers are still lowering prices to make a sale.

Good news for buyers.

It’s an ill wind that doesn’t blow some good. The bad news for sellers is good news for buyers. Buyers with cash and/or great credit are finding some very good deals. The longer the downtrend continues, the more willing sellers are to make concessions. But buyers have to decide on the kind of property they want and do their research in advance, so that they’ll know a good deal when they see it.

For more information on buying and selling in a buyer’s market, go to my website’s Free Reports page.

Resource: Jessica Foster, The Sun News, Myrtle Beach

Information is a valuable commodity for anyone selling a home today. This Monday morning series – Answers to the Ten Most Common Questions Home Sellers Ask – is designed to provide you with the information you need to make good real estate decisions in today’s market. More information is also available on my new website - BarbaraChartier.com.

Question # 3 – “How much can I expect to get for my home in Myrtle Beach?”

Know Your Competition – For the most part, pricing will depend on how much similar homes are selling for. It’s important to know your competition, even though each home is different. The best price is one that takes all of the property’s advantages and disadvantages into account as well as market trends and the goals of the seller.

Market trends have a big impact on sales prices. When the market is trending up, patient sellers may set a price slightly higher than that of similar property. In a buyer’s market, when prices are trending down, the homes that sell are priced slightly below similar homes in order to generate buyer interest. In general, you can expect to get less for your property in Myrtle Beach today than you could have six months or a year ago.

Next Week – “How long will it take for my home to sell?”

All ten answers to these common questions are available on request. Just call my 24/7 hotline, toll-free, at 1-888-494-8654, Ext 225 and follow the recorded directions. I’ll get them in the mail to you within 48 hours.

And check out my new real esate information center for MLS Searches and Special Reports.

ANSWERS TO THE TEN MOST COMMON QUESTIONS HOME SELLERS ASK. Selling a home or condo can be daunting, even for experienced property owners. That’s why information is such an invaluable commodity… and that’s why I’m writing this Monday morning series of ten common questions and answers.

Question #2 - “How do I find out what market conditions are like in Myrtle Beach?”

Do Your Homework - After sellers know why they want to sell, the next step is to get a clear picture of the current Myrtle Beach real estate market to determine whether factors favor them achieving their goals. Potential sellers can compile this information themselves by researching sales to find out what comparable properties are selling for, or they can talk to a Realtor® they trust who can provide them with this information as well as current insights on the market.

The general market trend is easy enough to discover on your own, e.g. right now it’s a buyer’s market in Myrtle Beach – there is a lot more property for sale than there are interested buyers. It’s a tough market for sellers, and that makes accurate research on sales of comparable properties all the more important. Most property owners, particularly those who live out of town, rely on an experienced Realtor® to do the research for them – it saves them time, reduces frustration, and eliminates costly mistakes.

Next Week – “How much can I expect to get for my home?”

If you just can’t wait for this series to unfold, all Ten Answers are available on request. Just call my 24/7 hotline, toll-free, at 1-888-494-8654, Ext 225 and follow the recorded directions. I’ll get them in the mail to you within 48 hours.